Wynn Resorts is no longer owned by founder Steve Wynn, with all shares in the company picked up by Macau’s Galaxy Entertainment Group and two of Wynn’s current investors.
Galaxy Entertainment Group has agreed to purchase 5.3 million primary shares of Wynn Resorts at a price of US$175 a share, resulting in US$927.5 million of gross proceeds to Wynn Resorts.
In addition, two long-term institutional investors, both investors in Wynn Resorts, have agreed to purchase the remaining eight million shares held by Steve Wynn, also at US$175 a share.
Galaxy Entertainment Group vice chairman Francis Lui said: “This is a unique opportunity to acquire an investment in a globally recognised entertainment corporation with high quality assets and a significant development pipeline.”
The announcement follows the settlement two weeks ago of long-standing litigation between Wynn Resorts and Universal Entertainment Corporation.